Issaquah’s Siemens Building sells for almost $20 million
September 20, 2011
Hawaii-based A&B Properties, Inc. has acquired the Siemens Building for $19.7 million, the company announced Sept. 14.
The technology giant Siemens listed the 147,000-square-foot building along East Lake Sammamish Parkway Southeast for sale in 2008. Siemens plans to lease space in the complex.
“This office building is well-located, approximately 16 miles east of downtown Seattle and in close proximity to the headquarters and offices of several prominent companies,” A&B Properties President Christopher J. Benjamin said in a statement.
A&B Properties is the fourth-largest private landowner in Hawaii. The company owns more than 87,000 acres, mostly on Kauai and Maui. A&B Properties’ holdings include development projects in Hawaii and mainland states.
“The Seattle MSA is an attractive market featuring a diversified economy that continues to expand, adding high-quality technology and scientific jobs that are expected to sustain future demand for office space,” Benjamin continued. “Siemens, one of the world’s largest companies, will continue to fully lease the building, which it constructed and has occupied since 1994.”
A&B Properties is a subsidiary of Alexander & Baldwin, a real estate and transportation company based in Honolulu.
The state and King County collect a combined 1.78 percent real estate excise tax on transactions. Officials can expect to collect about $350,000 in real estate excise tax revenue from the Siemens Building sale.
The sale is among the largest real estate transaction in Issaquah during the past year.
Preston-based apparel company SanMar purchased a glass-sheathed office building as a corporate headquarters for $32 million. SanMar’s relocation from Preston to Issaquah should be completed by December.